Redeye initiates coverage of Amniotics, a Swedish biotech firm on the verge of first-mover advantage in the exciting field of off-the-shelf stem cell therapies. The four main disease areas it is targeting with allogeneic mesenchymal stem cells (MSCs) – uniquely derived from amniotic fluid – offer potential cost and clinical synergies for further indications. We believe the share is underfollowed and has considerable potential in the short as well as long run.